Global trends in venture capital: 2009 report

About Deloitte

“Deloitte” is the brand under which 165,000 dedicated professionals in independent firms throughout the world collaborate to provide audit, consulting, financial advisory, risk management, and tax services to selected clients. These firms are members of Deloitte Touche Tohmatsu (“DTT”), a Swiss Verein. Each member firm provides services in a particular geographic area and is subject to the laws and professional regulations of the particular country or countries in which it operates. DTT helps coordinate the activities of the member firms but does not itself provide services to clients. DTT and the member firms are separate and distinct legal entities, which cannot obligate the other entities. DTT and each DTT member firm are only liable for their own acts or omissions, not those of any other entity. Each DTT member firm is structured differently in accordance with national laws, regulations, customary practice and other factors, and may secure the provision of professional services in their territories through subsidiaries, affiliates, and/or other entities.

In the United States, Deloitte LLP is the member firm of DTT. Like DTT, Deloitte LLP does not provide services to clients. Instead, services are primarily provided by the subsidiaries of Deloitte LLP, including:

Deloitte & Touche LLP

Deloitte Consulting LLP

Deloitte Financial Advisory Services LLP

Deloitte Tax LLP

Deloitte LLP helps coordinate the activities of these subsidiaries. Deloitte LLP and these subsidiaries are separate and distinct legal entities. Each of these subsidiaries is organized under Delaware law, is separately capitalized, has its own Chairman and CEO and Board of Directors, and provides a distinct array of services.

When you contract for the provision of services with one of the subsidiaries of Deloitte LLP, only that subsidiary is responsible for the provision of those services and is the only entity with potential liability for any claims that may arise in connection with such services.